Why Kohl’s Stock Was Soaring Today
Shares of Kohl’s (NYSE: KSS) were jumping today as the struggling department store chain took the next step in selling itself, with some potential offers reportedly ranging up to $62 a share. Reuters reported this morning that many of the potential bidders were considering lowering their buyout offer price given market conditions amid the pullback in retail stocks last week and the broad market this year. Among the bidders are Sycamore Partners, Franchise Group, Simon Property Group and Brookfield Asset Management (the mall REITs that took over JCPenney), and Acacia Research, which had offered $64/share for Kohl’s back in January, though that offer was rejected.
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